The Fred Report - Monthly September 2018

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SPY has rallied to the 290 area, and there are divergences. The market is still set up for a fall correction. The danger is this new high is reversed. Note that RSP has not made new highs (we talk about indexing in the research piece), a sign the market is narrowing. Breadth indicators suggest this as well. For an example of how a false breakout could look, check out the weekly chart of XLP.

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